Wills

The process of drafting a Will is relatively simple and inexpensive. Evelyn Gardis, Partner at Taylor & Scott Lawyers says a professionally drawn Will greatly assists in the cost-efficient administration of your estate and the smooth distribution of your assets to your beneficiaries.

WHY A PERSON SHOULD HAVE A WILL

Your circumstances may change overnight

Having a Will is extremely important. It is a means of ensuring as far as possible that your estate and assets are distributed as you would wish.

Without a valid Will, you are said to die ‘intestate’. Dying without a will may result in your estate being administered by someone you didn’t want to handle your affairs and your assets may be distributed to persons that you didn’t intend to give to. The implications for your loved ones can be complex and distressing. A Will ensures your wishes in respect of how your estate is to be administered are carried out.

Even If you have little in the way of assets, if you have young children, you should ensure your children are protected under your will by ensuring that a guardian is appointed to care of them, in case both parents die. Your children may face difficulties without a legally appointed guardian, as guardians are required for educational, health and legal matters. It may also result in conflict in your family as to who will care for the children.

When should I draw up a Will

It is important to have a Will drawn whilst you are well and healthy. Making a Will while you have the mental capacity to do so means that it will be valid and binding even if at a later date your mental capacity is affected by an accident or disease. If you attempt to execute a Will when you are incapacitated the will may be challenged and declared invalid. You should review your Will regularly. It may be that your circumstances have changed and your current Will no longer suits your circumstances.

WHAT IS AN EXECUTOR

An executor is the person appointed to administer your estate. Your Will should nominate that person. The executor must insure that the person’s desires expressed in the Will are carried out. Practical responsibilities include gathering up and protecting the assets of the estate, obtaining information in regard to all beneficiaries named in the Will.

APPOINTING AN EXECUTOR OR TRUSTEE

Taylor & Scott carefully explain the legal responsibilities and obligations attached to the role of your appointed executor and/or trustee.. You should select someone you trust e.g. your child/children, a relative, or a close friend.

You may even wish to appoint your solicitor. We guide you through your options and explain in plain language what you should expect to happen on your behalf.

“HOME MADE WILL KITS” AND ONLINE FORMS

These maybe a cheaper alternative however these forms do not give you any professional advice with respect to your particular circumstances. They should be used only in the most basic of circumstances and there is no guarantee for you or your beneficiaries that they have been validly completed. In the end it is much cheaper and less stressful for your loved ones to get professional advice. Taylor & Scott are experienced in handling Wills. The importance of a professionally-created will cannot be underestimated.

“Most people do not realise that a badly drafted Will, such as a “homemade” Will -could be declared invalid, or lead to family disputes over your assets.